Bank of America Raises AMD Price Target to $450
BofA Securities analyst Vivek Arya raised the price target on AMD (NASDAQ: AMD) to $450.00 (from $310.00) while maintaining a Buy rating.
“Reiterate Buy, a top compute pick on AMD as we believe the company offers a unique combination of: 1) Broad portfolio of agentic CPU and AI GPU accelerators, well aligned with evolving AI market, 2) Low ~6% market share (~$500bn CY26 AI TAM) that could head towards double-digit (10%+) in a $1.5Tn CY30E market, 3) Additional “Gigawattscale” AI customer announcement potential (beyond OpenAI, Meta), 4) Scale (top 3 TSMC customer) and execution consistency, and 5) Still relatively low investor ownership (only 1 in 3 funds own at 0.37x weight relative to S&P index).
Following Q1 EPS call we raise CY26/27E pf-EPS by 9% each to $7.28/$11.80, with CY30 EPS power now $27+ (ahead of management’s $20+ target). Raise PO to $450 from $310, now on 38x CY27E PE (vs.
29x prior) given much greater CPU TAM/opportunity, but well supported by AMD’s 50%+ annual EPS growth potential and still well within 13x-58x historical range.”
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